Form 990 for tax year 2023
Filed by SHORE AREA COMMUNITY DEVELOPMENT CORPORATION.
Totals
- Total revenue
- $3,875,201
- Total expenses
- $5,037,600
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $3,417,655
- Investment income
- $457,546
- Other revenue
- $0
- Total assets, end of year
- $28,736,242
- Total liabilities, end of year
- $34,490,465
- Net assets or fund balances, end of year
- -$5,754,223
- Program services expenses (Part IX)
- $5,037,600
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $5,037,600
Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: RESIDENT FEES
total $3,413,735 · related or exempt $3,413,735
-
2b · Program service revenue: FACILITY USAGE
total $3,920 · related or exempt $3,920
-
3 · Investment income
total $228,153 · excluded $228,153
-
7a · Gross sales of assets other than inventory
other assets $320,005
-
7b · Less cost or other basis and sales expenses
other assets $90,612
-
7c · Gain or loss
other assets $229,393
-
7d · Net gain or loss
total $229,393 · excluded $229,393
Functional expenses
Part IX, the statement of functional expenses.
-
11a · Fees: management
total $1,088,418 · program services $1,088,418
-
11b · Fees: legal
total $64,658 · program services $64,658
-
11c · Fees: accounting
total $4,895 · program services $4,895
-
16 · Occupancy
total $1,477,690 · program services $1,477,690
-
20 · Interest
total $887,280 · program services $887,280
-
22 · Depreciation, depletion and amortization
total $759,381 · program services $759,381
-
23 · Insurance
total $755,278 · program services $755,278
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $486,992 · end of year $806,114
-
4 · Accounts receivable
end of year $43,418
-
9 · Prepaid expenses and deferred charges
beginning of year $221,572 · end of year $225,905
-
10a · Land, buildings and equipment: cost or other basis
$30,534,872
-
10b · Land, buildings and equipment: accumulated depreciation
$12,455,525
-
10c · Land, buildings and equipment, net
beginning of year $17,451,486 · end of year $18,079,347
-
15 · Other assets
beginning of year $11,110,600 · end of year $9,581,458
-
17 · Accounts payable and accrued expenses
beginning of year $1,110,532 · end of year $1,338,116
-
23 · Secured mortgages and notes payable
beginning of year $32,496,906 · end of year $32,854,199
-
25 · Other liabilities
beginning of year $257,370 · end of year $298,150
-
27 · Net assets without donor restrictions
beginning of year -$4,594,158 · end of year -$5,754,223
Mission and programs · 2023
Mission
TO PROVIDE AND SPONSOR, FOR THE BENEFIT OF THE PUBLIC, PROGRAMS TO DEVELOP AFFORDABLE HOUSING LOCATIONS THROUGHOUT SOUTHERN CONNECTICUT
Activities or mission (Part I)
TO DEVELOP AFFORDABLE HOUSING LOCATIONS THROUGHOUT SOUTHERN CONNECTICUT
-
TO IMPROVE THE LIVES OF INDIVIDUALS AND FAMILIES BY ENSURING AFFORDABLE QUALITY HOUSING, BY IMPROVING THE SOCIAL AND ECONOMIC STABILITY OF NEIGHBORHOODS AND BY EXPANDING LOCALLY BASED COMMUNITY DEVELOPMENT EFFORTS. (APPROX 1,400 PEOPLE)
Expenses $5,037,600 · Revenue $3,417,655
As filed on the 2023 return.
Listed in Part VII
-
Louis ProcacciniLOUIS PROCACCINI
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Michael LeoneMICHAEL LEONE
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Sabine KuczoSABINE KUCZO
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Jacob CeduskyJACOB CEDUSKY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Steven ChinSTEVEN CHIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Melania M FalconMELANIA M FALCON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Will FarmerWILL FARMER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Paul HirschPAUL HIRSCH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Christopher RosarioCHRISTOPHER ROSARIO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tyrone McClainTYRONE MCCLAIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Pam RalstonPAM RALSTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Timothy RomanoTIMOTHY ROMANO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jason SchechtmanJASON SCHECHTMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Barbara SzaboBARBARA SZABO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Laura WilkinsLAURA WILKINS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
David StevensonDAVID STEVENSON
PRESIDENT/CEO (THRU 12.31.23)
- Total calculated
- $352,817
- From this org
- $0
- From related orgs
- $323,685
- Other
- $29,132
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $310,665 related
- Bonus
- $0
- Other
- $0 + $13,020 related
- Deferred
- $0 + $29,132 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $352,817 related
-
Melissa KessellMELISSA KESSELL
SR VP/CFO
- Total calculated
- $194,565
- From this org
- $0
- From related orgs
- $178,888
- Other
- $15,677
- Hours/week
- 10 + 30 related
Schedule J breakdown matched by us
- Base
- $0 + $177,868 related
- Bonus
- $0
- Other
- $0 + $1,020 related
- Deferred
- $0 + $15,677 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $194,565 related
-
Carmen Colon-MarreroCARMEN COLON-MARRERO
VP OF BRIDGEPORT Y'S
- Total calculated
- $173,965
- From this org
- $0
- From related orgs
- $152,453
- Other
- $21,512
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $0 + $151,433 related
- Bonus
- $0
- Other
- $0 + $1,020 related
- Deferred
- $0 + $13,924 related
- Nontaxable benefits
- $0 + $7,588 related
- Filer's total
- $0 + $173,965 related
-
Timothy BartlettTIMOTHY BARTLETT
SR VP/COO (CEO EFFECTIVE 1.1.24)
- Total calculated
- $218,288
- From this org
- $0
- From related orgs
- $200,264
- Other
- $18,024
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $187,244 related
- Bonus
- $0
- Other
- $0 + $13,020 related
- Deferred
- $0 + $18,024 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $218,288 related
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 3
- THE RELATED ORGANIZATION ESTABLISHES ITS CEO'S COMPENSATION BY COMPENSATION SURVEY, BOARD APPROVAL, AND WRITTEN EMPLOYMENT CONTRACT.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
CENTRAL CONNECTICUT COAST YMCA
501(C)(3) · YMCA · CT
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
1240 CHAPEL STREET LLC
99% LIMITED PARTNER INTEREST IN LOW INCOME HOUSING LIMITED PARTNERSHIP · CT · income $4,592 · assets $176,417
Directly controlled by SHORE AREA COMMUNITY DEVELOPMENT CORPORATION
-
CRESCENT APARTMENTS LLC
LOW INCOME MULTI-FAMILY HOUSING · CT · income $591,313 · assets $4,236,712
Directly controlled by SHORE AREA COMMUNITY DEVELOPMENT CORPORATION
-
ALPHA SUPPORTIVE HOUSING LLC
LOW INCOME MULTI-FAMILY HOUSING · CT · income $484,366 · assets $4,135,650
Directly controlled by SHORE AREA COMMUNITY DEVELOPMENT CORPORATION
-
HARRISON SUPPORTIVE HOUSING LLC
LOW INCOME MULTI-FAMILY HOUSING · CT · income $1,213,604 · assets $9,935,115
Directly controlled by SHORE AREA COMMUNITY DEVELOPMENT CORPORATION
-
WASHINGTON PARK APARTMENTS LLC
LOW INCOME MULTI-FAMILY HOUSING · CT · income $995,142 · assets $4,374,325
Directly controlled by SHORE AREA COMMUNITY DEVELOPMENT CORPORATION
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
AREYTO APARTMENTS LIMITED PARTNERSHIP
RELATED · LOW INCOME MULTI-FAMILY HOUSING · CT
Directly controlled by AREYTO APARTMENTS DEVELOPMENT CORPORATION
-
HOWE STREET LIMITED PARTNERSHIP
RELATED · LOW INCOME MULTI-FAMILY HOUSING · CT
Directly controlled by FIFTY-TWO HOWE INC
-
WASHINGTON PARK REVITALIZATION PROJECT LIMITED PARTNERSHIP
RELATED · LOW INCOME MULTI-FAMILY HOUSING · CT
Directly controlled by WASHINGTON PARK REVITALIZATION CORPORATION
-
STATE STREET BRIDGEPORT LIMITED PARTNERSHIP
RELATED · LOW INCOME MULTI-FAMILY HOUSING · CT
Directly controlled by 651 STATE STREET INC
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
AREYTO APARTMENTS DEVELOPMENT CORPORATION
C · LOW INCOME MULTI-FAMILY HOUSING · CT · 100% owned · share of assets $93 · controlled entity
Directly controlled by SHORE AREA COMMUNITY DEVELOPMENT CORP
-
FIFTY-TWO HOWE INC
C · LOW INCOME MULTI-FAMILY HOUSING · CT · 100% owned · controlled entity
Directly controlled by SHORE AREA COMMUNITY DEVELOPMENT CORP
-
651 STATE STREET INC
C · LOW INCOME MULTI-FAMILY HOUSING · CT
Directly controlled by CENTRAL CONNECTICUT COAST YMCA
-
WASHINGTON PARK REVITALIZATION CORPORATION
C · LOW INCOME MULTI-FAMILY HOUSING · CT
Directly controlled by CENTRAL CONNECTICUT COAST YMCA
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 7 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202433139349300348
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